PRIME Minister, Brigadier (Ret’d), Mark Phillips has lauded China National Offshore Oil Corporation (CNOOC) Petroleum Guyana Limited for its commitment to its Guyana operations, saying that it “underscores that strong partnerships are essential to the overall success of any operation”.

Prime Minister Phillips made this remark at the official opening of CNOOC Petroleum Guyana Limited new office building on High Street, Kingston, Georgetown.
According to the Senior Government Official, the transformative oil and gas (O&G) sector require development partners who can collaborate with Guyana to advance its interests and objectives.

“Transformative development opportunities such as our burgeoning oil and gas industry call for reputable partners with the country’s best interest at heart. While we, as a government, work to protect our resources and our assets, the stakeholders who operate within this industry must equally demonstrate due diligence and commitment regarding our patrimony and the rights of our people.”

He elaborated: “What this means, simply, is that as we look to build our oil and gas industry, our goal is to work with trusted partners with our best interest at heart, and we have welcomed CNOOC Petroleum Guyana Limited and its operations as part of this fold.”

While the government welcomes investments in the sector, the Prime Minister emphasised that its members work tirelessly to establish a positive investment environment while ensuring effective, responsible and transparent monitoring and management of the country’s resources.

“We continue to stay vigilant and work assiduously to ensure that we create an environment where our local and international stakeholders can thrive while ensuring the effective and responsible management of our resources in a transparent and accountable manner that will ultimately benefit our people and Guyana as a whole.”

Prime Minister Phillip stated that while rapid development is taking place and the government welcomes investments in the sector, it has been diligent in ensuring that safeguards are in place to protect the people’s interests.

On that note, he emphasised the importance of holistic development of the petroleum industry through the creation of a diverse, sustainable, and climate-friendly economy.
“With investment in our people as one main goal and our commitment to building on this industry, we must consider other parts of the equation, such as the sustainability of our efforts in a climate-friendly manner.

As such, we continue to invest in our committed vision to drive Guyana’s development along a low-carbon pathway through our new and expanded Low Carbon Development Strategy (LCDS) 2030.”
Natural Resources Minister, Vickram Bharrat echoed the Prime Minister’s sentiments by emphasising the importance of mutually beneficial partnerships while applauding CNOOC. (Office of the Prime Minister)